When They Run Out of Cash

21 Aug

When They Run Out of Cash

Just a reminder to own gold and silver in times like these!

The sign in the bank window reads, “Due to emergency conditions and to accommodate all customers, today’s daily cash withdrawal limit is $1,000.00”

Here’s a similar sign from a British bank.  It is notifying depositors that it may want to know why they are withdrawing money and may ask for documentation.

One of the so-called “fact checkers” online disputes the authenticity of the notice limiting withdrawals.  And an American Bankers Association spokesperson says, “The safest place for your money is in a federally-insured and highly regulated bank where your accounts are secure and deposits are protected.”

We note that an influential organization like the American Bankers Association has the clout to have objected and even stopped the Federal Reserve from devaluing their customer’s deposits with inflationary practices.  We would even venture that it has a fiduciary responsibility to speak up on behalf of depositors while their money is being debauched.  

Meanwhile, we note that the banking crisis is not over yet and refer you to our blog posts on the matter including this one: Large Banks are Bleeding Deposits!  And this one:  Banking Crisis?  What Banking Crisis?